ACH transfers from USA to Bangkok Bank -Alert!

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Jun

Re: ACH transfers from USA to Bangkok Bank -Alert!

Post by Jun »

mahjongguy wrote:Jun, thx for mentioning the XE comparison feature. It really is a nifty tool.
Glad to be of help. I only found that tool within the app on my phone whilst responding to your post, so thanks for the "nudge".

gera wrote:Since BKK bank has excellent TT (telegraphic transfer) rate, the simple method of mahjongguy for the amount he is using is difficult to beat.
That's an expensive way to look at it.

The BKK bank website shows a TT rate of 32.53. XE shows 32.73.

For a $5000 transaction, the theoretical lossless transaction gets 32.73 x5000 = 163650
Paying your US bank $35 and getting the BKK TT rate gets you 161511, a loss of 1.31%.

That's made up of about 0.6% on the TT rate and 0.7% paid to your US bank.
Or for the $30 k example, 0.12% paid to the bank & 0.6% on the TT rate, so 0.72%.

I wouldn't ignore the TT rate discrepancy personally, as it is the largest component of the fees.
Beware, some banks charge for receiving money (at least they do in some countries), so that may need to be added on.

I imagine you would get something close to 0.5% with Transferwise, assuming paying the USD to your Transferwise account is free (as it is in the UK).

Putting ALL the costs in makes the post more useful for readers.

I do learn from these threads, so find them useful.
I only found Transferwise when Christian recommended it and have so far saved about £400 compared with my previous broker, plus it's a much faster service. (Would be about £1000 saved compared with my bank).

I've also noticed the spread on USD-THB can be much narrower than GBP-THB.
gera

Re: ACH transfers from USA to Bangkok Bank -Alert!

Post by gera »

Regarding the route through dbs bank. I made the second transfer from dbs bank Singapore to my account with Kasikornbank using the saved template.
The transfer was instantaneous! The exchange rate was given in advance. There is also an option to schedule transfer until the exchange rate reaches the desired level. I like DBS bank more and more and consider to shift a bulk of my offshore banking to this bank. To my knowledge this is the only way to make instantaneous transfer from nonthai bank to thai bank.
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Re: ACH transfers from USA to Bangkok Bank -Alert!

Post by mahjongguy »

It's great that you have an account at DBS but I'm thinking that at one time you must have had Singapore residency. Do you know of any way to avoid that requirement ?
gera

Re: ACH transfers from USA Another option is HSBCto Bangkok Bank -Alert!

Post by gera »

mahjongguy wrote:It's great that you have an account at DBS but I'm thinking that at one time you must have had Singapore residency. Do you know of any way to avoid that requirement ?
That is true. I have stayed in Singapore for a year. At that time it was very easy to open account over there. I looked online and it seems that now they require a form of residency in Singapore. I am very surprised by this requirement, since Singapore positions itself as a global financial hub. I would recommend you to contact DBS in Singapore ( they do have an office in BKK that may be another option) by sending them, say, Email. It is very difficult to imagine why they would want to reject US expat residing in Thailand. Another option is HSBC Singapore. In principle, they open offshore accounts
if you are HSBC customer somewhere. Again, I do not believe that Singapore stopped offering offshore banking accounts....
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Re: ACH transfers from USA to Bangkok Bank -Alert!

Post by mahjongguy »

"A few years ago, Singapore was an offshore-banking friendly nation. However, as of 2016, it has become increasingly difficult for non-millionaires to get accounts in Singapore if they are not working, studying or living there."

I suspect that in 2016 Singapore law was revised to include a strict "know your customer" clause.

It might be worth asking HSBC Thailand if an account with them would ensure getting an account in Singapore. Unfortunately, DBS Thailand is a brokerage rather than a bank and they only accept Thai citizens.
gera

Re: ACH transfers from USA to Bangkok Bank -Alert!

Post by gera »

mahjongguy wrote:"A few years ago, Singapore was an offshore-banking friendly nation. However, as of 2016, it has become increasingly difficult for non-millionaires to get accounts in Singapore if they are not working, studying or living there."

I suspect that in 2016 Singapore law was revised to include a strict "know your customer" clause.

It might be worth asking HSBC Thailand if an account with them would ensure getting an account in Singapore. Unfortunately, DBS Thailand is a brokerage rather than a bank and they only accept Thai citizens.
HSBC Thailand is no longer doing retail banking and thus it is impossible to open a retail banking account with them. One place in Singapore where offshore account can be open is Citi bank Singapore. But they now require 100000 USD to open such an account. I would contact DBS , Standard Chartered and HSBC Singapore directly ( e.g. by sending them Emails ) and ask about their conditions. Offshore accounts cannot be illegal in places like Singapore...
Jun

Re: ACH transfers from USA to Bangkok Bank -Alert!

Post by Jun »

I opened a Singapore bank account at OCBC in late 2017 (in branch).

DBS would have opened a premium account if I were prepared to deposit more than SGD250,000.

Also, due to US tax legislation & reporting requirements, I believe US citizens have more difficulties than others opening bank accounts in certain countries. I'm not sure if Singapore is one of those.
gera

Re: ACH transfers from USA to Bangkok Bank -Alert!

Post by gera »

Jun wrote:Also, due to US tax legislation & reporting requirements, I believe US citizens have more difficulties than others opening bank accounts in certain countries. I'm not sure if Singapore is one of those.
That is probably no longer a problem. There is now an international treaty about exchange tax information and Singapore is a part of it. Thus, Singapore banks need to report offshore accounts to all jurisdictions which are a part of these agreement. Ironically, US is not a part of this treaty
and therefore US does not report to anybody automatically. Thus, US banks currently are one of the best tax havens 55.
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Re: ACH transfers from USA to Bangkok Bank -Alert!

Post by Gaybutton »

I sent an inquiry to the Bangkok Bank New York office, asking if after April1, 2019 I can still receive my retirement benefits via direct deposit into the Bangkok Bank New York office.

I received the following response:
If we receive under the format IAT ( International ACH Transfer with complete information such as, AC name, AC Number, AC Holder complete address in Thailand from your bank, our system will automatically forward that payment information to Thailand.

Thank you & Regards

NY Help Desk
Apparently retirees who receive their retirement benefits by direct deposit into Bangkok Bank's New York office will still be able to receive via direct deposit provided the source sends via the IAT format.

If that is how you receive your money, I suggest confirming with your benefit sources that they will send via the IAT format.
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Re: ACH transfers from USA to Bangkok Bank -Alert!

Post by 2lz2p »

Gaybutton wrote:I sent an inquiry to the Bangkok Bank New York office, asking if after April1, 2019 I can still receive my retirement benefits via direct deposit into the Bangkok Bank New York office.

I received the following response:
If we receive under the format IAT ( International ACH Transfer with complete information such as, AC name, AC Number, AC Holder complete address in Thailand from your bank, our system will automatically forward that payment information to Thailand.

Thank you & Regards

NY Help Desk
Apparently retirees who receive their retirement benefits by direct deposit into Bangkok Bank's New York office will still be able to receive via direct deposit provided the source sends via the IAT format.

If that is how you receive your money, I suggest confirming with your benefit sources that they will send via the IAT format.
GB and others, you can find out if your direct deposit is coming in IAT format by telephoning Mrs. Supatra Phetchai, Global Payment Services Department - telephone 02-230-1323. She is the contact person mentioned by Bangkok Bank and can check your latest direct deposit to see the format.

Also, in the Frequently Asked Questions re Embassy Income Letters that the US Embassy ACS prepared, they have the following:
I receive U.S. Government benefits. Can the U.S. Embassy or Consulate General verify this income?

We cannot verify or guarantee income, regardless of source.

The U.S. Mission in Thailand has been working with the Social Security Administration (SSA) regarding deposits directly into Thai banks. The SSA recently notified us that it has approved Thailand to participate in the International Direct Deposit (IDD) program. This will make proof of income easier. IDD will be implemented beginning in the first quarter of 2019. More information about IDD can be found at: https://www.ssa.gov/pubs/EN.
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